JSE lifts as Naspers jumps 3% in risk-on trade
Local banks and retailers are benefiting from a firmer rand, with global markets pushing higher amid signs of progress in the US-China trade talks
Reports that the US and China are close to ending their year-old trade conflict buoyed global risk assets on Monday morning, with the JSE pushing higher, led by market heavyweight Naspers. Naspers gained 3.53% to R3,162.97, tracking gains in its main asset, Hong Kong-listed Tencent. The all share gained 0.61% to 56,545.9 points and the top 40 rose 0.32%. Industrials gained 1.41% and food and drug retailers 0.95%. Gold miners fell 2.84%. Gold was flat at $1,291.40/oz while platinum had fallen 0.61% to $852.99. Brent crude was 0.52% higher at $65.22 a barrel. Reports on Sunday suggested the US and China had both made the concessions required to ink a new trade deal, which could take place during a meeting later in March between US President Donald Trump and Chinese President Xi Jinping. Asian and European markets were higher, with the rand also benefiting from risk-on trade. Local miners were under some pressure, however. Local gold miners are facing the prospect of a strike by the As...
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